The Legal 500

Macedonia

Editorial

Legal market overview

Macedonia saw its economy contract by 0.3% in 2012, but can still lay claim to having experienced the shallowest recession of all the countries in southeastern Europe. Its success is largely down to the government’s aggressive pursuit of foreign investment through incentives such as a ten-year tax holiday for companies setting up in a special development zone, subsidies for greenfield sites, and some of the lowest wage costs in Europe. Strong trade links with countries including Austria, Greece, and Serbia, as well as a relatively conservative banking sector, have also contributed to the economy keeping its head above water.

Challenges still lie ahead, however, with high unemployment, rising government debt, and the repercussions of the ongoing austerity measures undertaken by key trading partner Greece still looming large in the background.

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